Bloomberg View: Abolish Cash, Keep Bitcoin

Instead of taking their anger out on virtual currencies, now is the time for governments to think seriously about the abolition of cash.
In a 2012 paper for the Federal Reserve Board of Governors, Ruth Judson cited estimates of about 50 percent of all U.S. cash in circulation in 2011.
If Islamic State moved all its transactions, hundreds of millions of dollars a year, into the bitcoin universe, the virtual currency’s rate would spike wildly.
Cracking down on them is not going to be helpful, and it won’t hurt terrorists as much as a move away from cash would.
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